Dryships Inc News

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

File Photo: DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction…

20 Aug 2019

SPII Holdings Acquires DryShips

File Photo: DryShips

The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents…

09 Jul 2019

DryShips Appoints Advisors for Economou Offer

Pic: DryShips Inc.

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair)…

14 Jun 2019

SPII Holdings Bids for DryShips

File Photo: DryShips

Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13…

10 Jun 2019

DryShips Acquires 100% of Heidmar

Pic: Heidmar Inc.

DryShips, the Nasdaq-listed company controlled by Greek shipowner George Economou, has completed the acquisition of 100% of the issued and outstanding shares of Heidmar, a global tanker pool operator.The diversified owner and operator of ocean going cargo vessels said in a press release that prior to the transaction, it indirectly owned approximately 49.8% of Heidmar.As part of the transaction, DryShips acquired the remaining approximately 50.2% of Heidmar currently held by other unaffiliated entities, for an aggregate consideration of approximately $17 million.

03 May 2019

DryShips Acquires Newcastlemax Drybulker

File Photo: DryShips

Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by the…

13 Nov 2018

U.S.-Listed Shippers Buoyed by Globus Maritime's Earnings

File Image / Credit: Port of Portland, UK

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.

15 Feb 2018

Hedge Funds Hook Shipping Stocks Grappling for Recovery

Emerging recovery for segments of global shipping industry; Nordic American Tanker and Dryships Inc among popular stocks. Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarter of 2017, but significantly stepped up their bets in the final three months of the year, U.S. Securities and Exchange Commission filings compiled by Symmetric show. "Shipping has been in a terrible trough for a number of years," Chris Walvoord, global head of hedge fund research at investment consultant Aon Hewitt, said. "Hedge funds are starting to see opportunity ...

01 Jan 2018

Pankaj Khanna Appointed As CEO of Ocean Rig

Image: Ocean Rig UDW

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services,  effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc.

31 Oct 2017

DryShips Adds Third VLGC

File Photo: DryShips Inc

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has taken delivery of the previously announced high specifications third newbuilding Very Large Gas Carrier (VLGC). The VLGC will be employed under a time charter on a fixed rate with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. Since the beginning of this year, DryShips has taken delivery of 16 vessels and expects to take delivery of one more at the beginning of next year.

07 Sep 2017

Dryships Adds New VLGC

Image: DryShips Inc.

DryShips Inc, a diversified owner of ocean going cargo vessels, has announced that it has taken delivery of the previously announced high specifications second newbuilding Very Large Gas Carrier (VLGC). The VLGC will be employed under a time charter on a fixed rate with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The Company expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods.

31 Aug 2017

DryShips Commenses USD 100mln Rights Offering

File Photo: DryShips Inc

DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million. The deadline for participating in the Rights Offering is 5:00 p.m.…

04 Jul 2017

Dryships Time Charter Contract for Newcastlemax Vessels

Image: DryShips Inc

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has entered into a time charter with a major coal and steel trader for its fourth and last of its 206,000 dwt Newcastlemax drybulk vessels. The contract has a duration of about one year, with a gross rate linked to the Baltic Capesize Index (5 T/C route) plus 20% and will commence upon the delivery of the vessel, expected in July 2017. DryShips owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels…

30 Jun 2017

DryShips VLGC Commences Time Charter

DryShips Inc., an owner of ocean going cargo vessels, announced that on June 29, 2017, its first very large gas carrier (VLGC) commenced its time charter on a fixed rate with five years firm duration to an oil major.   The charterer has options to extend the firm employment period by up to three years.   DryShips said it expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods.

20 Jan 2017

DryShips Buys First Very Large Gas Carrier

Image: DryShips Inc

DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million. The Company financed the closing price of $21.9 million by using part its undrawn liquidity under the $200.0 million New Sifnos Revolver, which now stands at $142.9 million. The $61.6 million balance of the purchase price for the VLGC will be payable in installments until the vessel's delivery from HHI.

21 Feb 2017

DryShips Sails Back into Tanker Market with Two Modern Vessels

Image: DryShips Inc

Greek owner of drybulk carriers DryShips Inc. has announced that it is re-entering the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC). -  One 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. - One 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017.

06 Mar 2017

DryShips Opts for Second VLGC Newbuild

DryShips Inc., owner of ocean going cargo vessels, said it has exercised its second option under a previously announced option agreement to acquire up to four very large gas carriers (VLGCs) currently under construction at Hyundai Heavy Industries Co., Ltd. (HHI) for a purchase price of $83.5 million. Approximately 25 percent of the purchase price will be paid on closing, expected within March 2017, with the balance payable in installments until the vessel’s delivery from HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years.

17 Mar 2017

DryShips Completes Common Stock Offering

File Photo: DryShips Inc

DryShips Inc. has successfully completed the previously announced $200 million common stock offering, in which the Company raised net proceeds of $198 million, pursuant to the prospectus supplement filed on February 17, 2017. Following the completion of the offering, the Company has approximately 152,055,576 common shares outstanding. George Economou, Chairman and CEO commented: "We are very pleased to have successfully raised an additional $198 million of equity, which will increase our total available liquidity to about $455 million.

28 Mar 2017

Dryships Acquires Four Newcastlemax Vessels

Image: DryShips Inc.

DryShips Inc. has entered into agreements with unaffiliated third parties to acquire four Newcastlemax bulk carriers of approximately 206,000 DWT and with an average age of 3 years. The company expects to take delivery of the vessels before the end of June 2017. DryShips will finance the total gross purchase price of approximately $124 million using cash on hand. Current liquidity stands at approximately $455 million. Two of the vessels will be employed under time charter contracts, while the other two will trade in the spot market.

03 Apr 2017

DryShips Acquires Six Vessels

Image: DryShips Inc.

DryShips Inc. has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited. These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels, one currently under construction and two built in 2014, and two very large gas carriers (VLGCs) currently under construction pursuant to the previously announced "zero cost" option agreement. The Aframax and the two second-hand Kamsarmaxes are expected to be delivered in the second quarter of 2017…

12 Apr 2017

DryShips Enters into Newcastlemax Contract

Pic: DryShips

DryShips Inc has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax drybulk vessels for an expected duration of about one year. The Company anticipates a total gross backlog of $7.1 million, and the contract to commence upon the delivery of the vessel, expected before the end of April 2017. Mr. DryShips is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk vessels…

02 May 2017

Newcastlemax Bulker Delivered to DryShips

Ship owner DryShips Inc. announced that it has taken delivery of a 205,855 DWT Newcastlemax drybulk vessel built in 2014.   The vessel was delivered to its one year time charter with a major grain house, which is expected to provide a total gross backlog of $7.1 million.   George Economou, DryShips chairman and chief executive officer, said, “We are very pleased to take delivery of our first modern Newcastlemax vessel. With three sister vessels to follow, two of which are also employed under time charter contracts, we expect our earnings and cash flows will built up during the second half of 2017.”

16 May 2017

Dryships Adds Second Aframax Tanker

Image: DryShips Inc

DryShips Inc, a diversified owner of ocean going cargo vessels, announced that it has taken delivery of the previously announced 115,666 deadweight tons Aframax tanker built in 2012, which will be employed in the spot market. "Since the commencement of our acquisition program, in addition to the above, we have successfully taken delivery of a total of three vessels," the company said in a statement. On May 10, 2017, one Kamsarmax drybulk vessel built in 2014 of 81,918 deadweight tons. On May 2, 2017, one Newcastlemax drybulk vessel built in 2014 of 205,855 deadweight tons.

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